Sunday, March 3, 2024

Sagicor ‘came close’ in bid


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The Fair Trading Commission (FTC) says Sagicor was in danger of contravening Barbados’ fair competition laws when it sought to acquire Harmony General Insurance Company Limited without the regulator’s permission.

This was revealed by the FTC which, after two separate investigations, has now approved that transaction and the recently completed “scheme of arrangement” between Sagicor and Canada-based Alignvest Acquisition II Corporation.

The regulator reported that it reviewed and approved the two deals, which under the Fair Competition Act (FCA) were considered mergers.

The FTC said on September 13, 2018, by way of an amalgamation agreement, Sagicor acquired the common shares and assets of Harmony and the physical location at Harmony Hall, St Michael.

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